Candover has realised its investment in Pandrol, a global designer and manufacturer of rail track fastening and support systems. This gives Candover a final exit from its investment in the Charter engineering businesses.
Pandrol has been sold to Delachaux, the French engineering group, for a consideration of £165m. Pandrol was one of three specialised engineering businesses Candover bought from Charter in November 1999 in a £194m transaction.
Nederman, a manufacturer of workspace environment equipment was sold to EQT Danmark in December 1999. Airtechnology Holdings, a supplier of motors, fans and environmental control systems for the aerospace and defence markets, was sold to US-based AMETEK in January 2003. The sale of Pandrol completes Candover’s exit from the Charter businesses and has generated an overall return of almost double its original investment.
Candover managing director Colin Buffin said: “Since Candover acquired the business, Pandrol has consolidated its position as the global leader in resilient rail fastenings. As part of Delachaux, it will be able to capitalise on its market-leading position, and take full advantage of the further opportunities for growth.”
So far in 2003 Candover has also realised either fully or in part, holdings in Camden Motors and Detica from its 1994 fund; Airtechnology, Bourne Leisure and Picard from the 1997 fund and Kable Deutschland from the 2001 fund.